Ariel Property Advisors has arranged the sale of a three-building multifamily portfolio in the Bronx, with the assets trading for a combined $7.5 million. The properties are located at 2460 Grand Ave. and 636-646 E. 231st St., forming a consolidated rental housing package in established Bronx neighborhoods.
The seller was represented by an Ariel Property Advisors team that included senior director Sam Schertz, director Daniel Mahfar and investment sales associate Erik Maloney. The team handled marketing and negotiations on behalf of the ownership, positioning the portfolio as a scaled multifamily opportunity within a transit-accessible area.
According to Schertz, the transaction reflects ongoing demand for multifamily properties that combine scale with long-term upside in well-connected sections of the Bronx. He noted that the portfolio, which consists of 143 apartments across three buildings, offered investors the chance to acquire a substantial rent-stabilized housing package near major transit options, retail corridors and institutional anchors.
The properties sit near the neighborhoods of Wakefield and Fordham Manor, placing them within a residential area that benefits from local amenities and access to surrounding commercial corridors. The portfolio is made up of one elevator building and two walk-up buildings, together totaling 140,470 square feet of residential space. Unit layouts span studios as well as one-, two- and three-bedroom apartments, providing a range of housing options within the portfolio.
On a pricing basis, the $7.5 million sale equates to approximately $52,447 per apartment. The closing price also translates to about $53 per square foot across the three buildings. These metrics offer a benchmark for rent-stabilized multifamily product of similar scale in this part of the Bronx, where investors continue to evaluate opportunities that combine existing occupancy with potential long-term value.
The sale underscores that, even within a regulated and highly competitive multifamily environment, rent-stabilized assets in transit-served neighborhoods can attract capital when offered in portfolio format. For Ariel Property Advisors, the assignment highlights ongoing investment sales activity in the Bronx multifamily sector, particularly for assets that provide immediate scale and exposure to established residential blocks.
